Senate OKs $15,000 tax break for homebuyers – I believe investors too eligible for this tax credit

[Sandiagon]

http://news.yahoo.com/s/ap/20090204/ap_on_go_co/congress_stimulus

“The proposal would allow a tax credit of 10 percent of the value of new or existing residences, up to a $15,000 limit. Current law provides for a $7,500 tax break but only for first-time homebuyers.”

[Eugene]

I don’t think investors are eligible.

You can find full text of the proposal on thomas.loc.gov

S.AMDT.106 to H.R.1 To amend the Internal Revenue Code of 1986 to provide a Federal income tax credit for certain home purchases.
Sponsor: Sen Isakson, Johnny [GA] (introduced 2/3/2009)

It applies to a purchase “of a qualified principal residence”. Furthermore:

In the event that a taxpayer–

“(A) disposes of the principal residence with respect to which a credit was allowed under subsection (a), or

“(B) fails to occupy such residence as the taxpayer’s principal residence,

at any time within 24 months after the date on which the taxpayer purchased such residence, then the tax imposed by this chapter for the taxable year during which such disposition occurred or in which the taxpayer failed to occupy the residence as a principal residence shall be increased by the amount of such credit.

[Eugene]

I don’t think investors are eligible.

You can find full text of the proposal on thomas.loc.gov

S.AMDT.106 to H.R.1 To amend the Internal Revenue Code of 1986 to provide a Federal income tax credit for certain home purchases.
Sponsor: Sen Isakson, Johnny [GA] (introduced 2/3/2009)

It applies to a purchase “of a qualified principal residence”. Furthermore:

In the event that a taxpayer–

“(A) disposes of the principal residence with respect to which a credit was allowed under subsection (a), or

“(B) fails to occupy such residence as the taxpayer’s principal residence,

at any time within 24 months after the date on which the taxpayer purchased such residence, then the tax imposed by this chapter for the taxable year during which such disposition occurred or in which the taxpayer failed to occupy the residence as a principal residence shall be increased by the amount of such credit.

[Eugene]

I don’t think investors are eligible.

You can find full text of the proposal on thomas.loc.gov

S.AMDT.106 to H.R.1 To amend the Internal Revenue Code of 1986 to provide a Federal income tax credit for certain home purchases.
Sponsor: Sen Isakson, Johnny [GA] (introduced 2/3/2009)

It applies to a purchase “of a qualified principal residence”. Furthermore:

In the event that a taxpayer–

“(A) disposes of the principal residence with respect to which a credit was allowed under subsection (a), or

“(B) fails to occupy such residence as the taxpayer’s principal residence,

at any time within 24 months after the date on which the taxpayer purchased such residence, then the tax imposed by this chapter for the taxable year during which such disposition occurred or in which the taxpayer failed to occupy the residence as a principal residence shall be increased by the amount of such credit.

[Eugene]

I don’t think investors are eligible.

You can find full text of the proposal on thomas.loc.gov

S.AMDT.106 to H.R.1 To amend the Internal Revenue Code of 1986 to provide a Federal income tax credit for certain home purchases.
Sponsor: Sen Isakson, Johnny [GA] (introduced 2/3/2009)

It applies to a purchase “of a qualified principal residence”. Furthermore:

In the event that a taxpayer–

“(A) disposes of the principal residence with respect to which a credit was allowed under subsection (a), or

“(B) fails to occupy such residence as the taxpayer’s principal residence,

at any time within 24 months after the date on which the taxpayer purchased such residence, then the tax imposed by this chapter for the taxable year during which such disposition occurred or in which the taxpayer failed to occupy the residence as a principal residence shall be increased by the amount of such credit.

[Eugene]

I don’t think investors are eligible.

You can find full text of the proposal on thomas.loc.gov

S.AMDT.106 to H.R.1 To amend the Internal Revenue Code of 1986 to provide a Federal income tax credit for certain home purchases.
Sponsor: Sen Isakson, Johnny [GA] (introduced 2/3/2009)

It applies to a purchase “of a qualified principal residence”. Furthermore:

In the event that a taxpayer–

“(A) disposes of the principal residence with respect to which a credit was allowed under subsection (a), or

“(B) fails to occupy such residence as the taxpayer’s principal residence,

at any time within 24 months after the date on which the taxpayer purchased such residence, then the tax imposed by this chapter for the taxable year during which such disposition occurred or in which the taxpayer failed to occupy the residence as a principal residence shall be increased by the amount of such credit.

[PKMAN]

Am I eligible as first-time homebuyer?

I sold my home in May of 2004 and have been overseas ever since. Now I’m coming back and will be buying a home with estimated escrow date of mid/late March. This makes me a non-homeowner for nearly 5 years. I wonder if thus I can be considered a first-time buyer?

[PKMAN]

Am I eligible as first-time homebuyer?

I sold my home in May of 2004 and have been overseas ever since. Now I’m coming back and will be buying a home with estimated escrow date of mid/late March. This makes me a non-homeowner for nearly 5 years. I wonder if thus I can be considered a first-time buyer?

[PKMAN]

Am I eligible as first-time homebuyer?

I sold my home in May of 2004 and have been overseas ever since. Now I’m coming back and will be buying a home with estimated escrow date of mid/late March. This makes me a non-homeowner for nearly 5 years. I wonder if thus I can be considered a first-time buyer?

[PKMAN]

Am I eligible as first-time homebuyer?

I sold my home in May of 2004 and have been overseas ever since. Now I’m coming back and will be buying a home with estimated escrow date of mid/late March. This makes me a non-homeowner for nearly 5 years. I wonder if thus I can be considered a first-time buyer?

[PKMAN]

Am I eligible as first-time homebuyer?

I sold my home in May of 2004 and have been overseas ever since. Now I’m coming back and will be buying a home with estimated escrow date of mid/late March. This makes me a non-homeowner for nearly 5 years. I wonder if thus I can be considered a first-time buyer?

[scaredyclassic]

this just doesnt inspire confidence for me. im looking to buy a house and for some reason this frightens me, makes me not want to buy. what, are they going to up it to 25k in the fall? it’s kinda like watching prices fall every week on redfin, it just makes you feel like it’s an opening bid. wheres my 4% where’s my bigger tax credit? i think they ought to leave it alone and let it sort itself out

[scaredyclassic]

this just doesnt inspire confidence for me. im looking to buy a house and for some reason this frightens me, makes me not want to buy. what, are they going to up it to 25k in the fall? it’s kinda like watching prices fall every week on redfin, it just makes you feel like it’s an opening bid. wheres my 4% where’s my bigger tax credit? i think they ought to leave it alone and let it sort itself out

[scaredyclassic]

this just doesnt inspire confidence for me. im looking to buy a house and for some reason this frightens me, makes me not want to buy. what, are they going to up it to 25k in the fall? it’s kinda like watching prices fall every week on redfin, it just makes you feel like it’s an opening bid. wheres my 4% where’s my bigger tax credit? i think they ought to leave it alone and let it sort itself out

[scaredyclassic]

this just doesnt inspire confidence for me. im looking to buy a house and for some reason this frightens me, makes me not want to buy. what, are they going to up it to 25k in the fall? it’s kinda like watching prices fall every week on redfin, it just makes you feel like it’s an opening bid. wheres my 4% where’s my bigger tax credit? i think they ought to leave it alone and let it sort itself out

[Author]

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